November 22, The Iran Project – In a meeting with Valiollah Seif the Governor of Central Bank of Iran on Monday, Munich Reinsurance Company officials expressed readiness to participate in Iran’s insurance market.

Munich Reinsurance Company officials announced that they are ready to provide reinsurance coverage in the life and non-life insurance sector, invest in the direct insurance sector, and train Iran insurance managers and industry experts.

Abdolnaser Hemmati, the head of Iran’s Central Insurance Company, also presented a report on Iran’s economic development plans and developing market of Iran's Insurance Industry, calling for the European insurers, especially, Munich Re, to provide insurance coverage and new products in Iran.

On Monday, the Lloyd's of London insurance market also announced plans to launch some offices in Iran.

According to the head of Iran’s Central Insurance Company, the presence of insurance giants like Lloyd’s in Iran is important for the country.

Following the removal of sanctions against Iran in January, indications appeared to show that global insurers were looking into the prospects of penetrating into a market whose worth is estimated to be around $7.4 billion in premiums.

Munich Reinsurance Company, one of the world’s leading reinsurers, was founded in 1880. It provides reinsurance cover for life, health, casualty, transport, aviation, space, fire and engineering business.